To Reduce the Debt, Revive the Spirit of Sacrifice

"America's debt topped 100 percent of our national GDP last month, marking a grim milestone for the nation. "We're headed toward uncharted territory," Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, told the Wall Street Journal. "There's no magic of 100 percent vs. 99 percent, but it's a scary place to be.""

"The disturbing news wasn't greeted with much concern. Upon reflection, that's not very surprising. The debt has been increasing exponentially for years without the average America feeling the effects. People simply don't care about it much anymore. With the exception of some libertarians in Congress and at think tanks, it's been a long time since even conservatives obsessed over the debt clock."

"Rising debt can lead to an inflation spike and cause other economic ailments. But don't expect Americans to do anything about it any time soon. To deal with the debt would require sacrifice among ordinary citizens. There's very little chance of that happening in our sacrifice-averse nation. In order to secure votes, politicians will likely do more to increase the debt than reduce it. They know they'd lose their seats if they ever pushed the cuts necessary to get America's fiscal house in order."

"It's selfish, but those are the values America operates with now. When " I got mine " is the guiding public philosophy, the debt balloons. President John F. Kennedy's dictum of "ask not what your country can do for you - ask what you can do for your country" is fondly remembered. But it's not a statement that would resonate with today's public."

America’s national debt has exceeded 100% of GDP, reaching a grim milestone. Debt has grown rapidly for years without widespread public concern or noticeable everyday effects. Rising debt can contribute to inflation spikes and other economic problems. Meaningful action would require sacrifices from ordinary citizens, but few expect such sacrifices in a society resistant to them. Politicians face incentives to avoid cuts that could cost votes, so they may increase debt rather than reduce it. Public values emphasizing personal gain over collective responsibility help drive debt growth. Past calls for civic sacrifice resonated during major conflicts, but current attitudes make similar appeals less effective.

Read at The American Conservative